- First green building unveiled in Zambia
ZEP-RE has unveiled Zambia’s first “green” building in the heart of Lusaka’s emerging business district in a move intended to showcase the benefits and rewards that are possible with insurance in Africa.
In an interview with the Founder of Financial Insight Zambia, CEO Hope Murera said that despite infrastructure developing forming a small part of the over group’s portfolio, it was important for their efforts in impact investing to be seen.
An alumni MBA graduate of the prestigious IMD Business School, Hope has been the leadership face of the PTA Reassurance company for the past 12 years that is now bringing forth impact investing in the region.
The first green building in Zambia was launched following a US$36 million investment by ZEP-RE in the heart of Lusaka emerging new business district. “This is the largest single investment in real estate for the COMESA institution in the Eastern and Southern African region”, according to a statement published on the COMESA website.
“Impact investment is important for ZEP-RE and we hope it can be seen through the work we are doing” Hope further added when asked a question regarding the importance of going green. “Green architecture, or green design, is an approach to building that minimizes the harmful effects of construction projects on human health and the environment”, according to Jackie Craven, Doctor of Arts and has over 20 years of experience writing about architecture and the arts. “The “green” architect or designer attempts to safeguard air, water, and earth by choosing eco-friendly building materials and construction practices”.
The nine-floor star-shaped-environmentally-friendly building was officially launched by Zambia’s President Edgar Lungu on Thursday 5th December 2019. The president commended ZEP-RE and COMESA for implementing infrastructure projects that will help further deepen regional integration and contribute to improving the living standards of the people.
The ZEP-RE business model includes a large proportion of its investments in Fixed Income Assets across the region. Sadly, this has led to exchange loses that has put immense pressure on the group according to the CEO. However, impact investment remains an important focus area for the group as that is where Hope’s leadership sees sustainable value creation that impacts the lives of ordinary people. This is because impacting investing aims to generate specific beneficial social or environmental effects in addition to financial gains.
Hope’s confidence in her strategic plan is further reinforced by the value of their underwritten premiums which shows the growth that her organization has enjoyed under her leadership. “The company has so far underwritten premiums currently standing at US$1 billion with claims paid at US$700 million on cumulative basis”, said the ZEP-RE Board Chairperson Mr. William Erio at the launch of the green building in Lusaka. “The company is now also rated B++ by AM Best and AA+ by GCR and has set up the ZEP-RE Academy responsible for capacity building and industry thought leadership”.
ZEP-RE also intends to position itself to take advantage of technological trends that are part of their master plan. This will include using technology to tap into the largest demographic in Africa that comprises of unbanked but technologically exposed Africans in desperate need for insurance services. The green building marks an important milestone in showcasing the rewards and potential that the reinsurance business has in Zambia and Africa as a whole.